Economy & Finances

US Dollar to Ukrainian Gryvnia

Currency Conversions as of April 6, 2010 – the US Dollar was converting on the streets to approximately 7.90 UAH  (Ukrainian Gryvnia).

For  comparison:

July 7, 2009:  One US Dollar = 7.70 UAH

February 19, 2009:  One US Dollar = 8.285 UAH

From roughly October 2005 through January 2008, the US Dollar held steady at 5.05 Ukrainian UAH.   In September of 2008 the dollar had dropped to as low as 4.40 UAH, thereafter fluctuating between 6.5 – 9.0 gryvnia through February of 2009.

Best rates are typically in the center of town through currency exchangers. Banks typically offer slightly lower rates.

Purchasing, Sending and Receiving Money

All purchases through established retail outlets are made in UAH – gryvnias. Personal and business checks are not accepted by any business outside of Kyiv, the Metro Super-Store chain being one exception and that only for accounts with a Ukrainian bank. Credit cards are accepted by most larger stores and restaurants. As referenced under credit card fraud, it is recommended to avoid using credit cards except with money machines of larger banks.

ATM’s are commonly available throughout all of Odessa, but typically have a $200 daily withdrawal limit in outlying areas; occasionally up to $500 in the city. Most offer the option to withdraw currency in US Dollars or UAH-gryvnia.

Travelers checks are NOT convenient except through the central office of major banks.

Western Union is fully entrenched within the Ukrainian economy, is a very efficient, but not a cost-effective way of receiving or sending money.

Wire transfers from western banks to Ukrainian banks are a reliable and reasonably cost-effective method of transferring large sums of money, but require you to have an account within a bank that is operating in Ukraine. Due to laws on anti-terrorism, the process of transferring money may require you to have someone co-signed on your account to initiate the transfer if you are not physically present to do so. In emergency instances, bank managers may initiate transfers upon faxed verification of your identity.

While it is “theoretically possible” to deposit a personal check from a western bank into your Ukrainian bank account, it takes an estimated 3 months to process and depending upon bank, is likely to be costly. The prime caveat is that virtually no bank employee outside of Kyiv has ever done this before.

You will find it useful to collect and carry small Ukrainian bill denominations (1, 2, 5, 10 and 20 gryvnia notes) and an assortment of Ukrainian coins – called kopecs (in 1, 5, 10, 25, 50, and 100 kopec denominations). Many cashiers expect for you to carry and provide them exact change for your purchases. It is not necessary to do so, just makes it easier. Sometimes they cop an attitude.